Sol initiated a fresh drop Last Thursday and lost almost 15% of its valuation in the last five days. It continued bleeding today and is on the verge of breaking into a new monthly low. It is currently down by 6%.
Following a series of lower low and lower high patterns all the way from $126, Sol appears more bearish on the 4-hour chart. As a result, it may release a huge sell-off on the current daily chart.
During last week’s trading, it recovered above the $100 level and later initiated a fresh drop from $103.5 in continuation of its downward slope. Starting today on a weak note, the price is now on the verge of dropping below the $85 level, which currently serves as the monthly support.
Meanwhile, SOL had left several untested supports during the last bullish cycle. This might be the period for a retest of those levels (one after the other) once it cracks down the immediate monthly support level.
Should Sol find support above the $80 level in this leg down, we can expect a retest of the monthly support level as resistance. A recovery above last week’s high could bring an end to the ongoing correction.
From a technical standpoint, the bearish party is just starting on the daily chart. A bigger price movement should be expected in the coming weeks.
SOL’s Key Level To Watch
Source: Tradingview
In the middle of the storm, Sol currently targets the monthly $85 support level, followed by the $80 support level. If these price supports fail to contain pressure, the lower supports to keep in mind are $70 and $80.
Right now, there are no buying opportunities in the market. If the buyers find an entry, they may push back to the $90 and $100 resistance levels. Above it lies $110.
Key Resistance Levels: $90, $100, $110
Key Support Levels: $80, $70, $60
- Spot Price: $87.9
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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